Standard Chartered-Backed Zodia Custody Partners with Maple Finance to Secure Crypto Collateral

by

As a seasoned crypto investor with over a decade of experience in the digital asset market, I am always on the lookout for significant developments that could impact our community positively. The recent partnership between Zodia Custody and Maple Finance is one such development that has piqued my interest.

The institutional digital asset custodian, Zodia Custody, which is supported by Standard Chartered, has revealed a strategic alliance with Maple Finance – a prominent figure in the digital asset lending industry.

On July 9, 2024, this collaboration was announced, signifying a major advancement in connecting the established financial system with the burgeoning decentralized finance (DeFi) industry. The focus is on ensuring safety and adherence to regulatory norms.

Key Collaboration Details

As a crypto investor, I’d put it this way: Maple Finance has chosen Zodia Custody as its preferred custodian for our global lending activities. This significant role allows Zodia Custody to safely keep the collateral provided to Maple Finance, enabling clients to borrow against their digital assets in a secure and trusted environment within Zodia’s ecosystem.

As a researcher focused on the financial technology sector, I’d describe Maple Finance as a leading player in the digital asset lending and borrowing space, serving mainly institutional clients. Notably, Zodia Custody has announced integrating Maple tokens into their wallets, which is a significant move given the increasing demand from institutional investors to optimize returns on alternative assets during periods of economic instability and market volatility.

Ryan O’Shea, the Head of Operations at Maple Finance, emphasized the significance of their new partnership with Zodia Custody. He explained that this collaboration raises the bar for institutional investment in digital assets. In O’Shea’s perspective, the partnership strengthens Maple Finance’s capacity to deliver robust borrowing and lending services tailored to the unique requirements of institutional clients.

The collaboration is slated to commence around the first quarter of Q3 in 2024. Further enhancements are anticipated to bolster Zodia Custody’s offerings tailored for institutional investors. In recent developments, Zodia Custody has been making strides in the digital asset sector. Notably, it has formed alliances with crypto ETP issuers 21Shares and Deutsche Bank’s DWS for custodial services of crypto ETPs, underlining its expanding clout within the industry.

Standard Chartered and Zodia Custody to Begin Crypto Spot Trading

Standard Chartered is preparing to debut a new cryptocurrency trading desk in London. Utilizing Zodia Custody and Zodia Markets, the bank’s exchange subsidiary, this desk aims to capitalize on the crypto spot market. The new desk will be integrated within Standard Chartered’s Foreign Exchange (FX) trading division.

Standard Chartered, being an early entrant among global banks in the cryptocurrency sphere, might set a precedent for other financial institutions to join, thereby enhancing market liquidity and improving overall efficiency within the crypto industry.

Through this undertaking, the company expands its product line while simultaneously conveying increased trust in the evolving cryptocurrency regulatory landscape. According to industry experts, this development signifies the growing upstage of the digital currency marketplace as it aligns further with conventional financial structures.

Although there is significant excitement surrounding Standard Chartered’s potential entry into the unpredictable cryptocurrency market, certain industry insiders have raised concerns about the potential risks involved.

Read More

2024-07-09 14:38